Posted in | Gold | Mining Business

Stelmine Canada Acquires Mining Claims in James Bay Territory

Stelmine Canada Ltd. is pleased to announce it has applied by map designation from the Ministère de l’Énergie et Ressources du Québec for the acquisition of mining claims located in the James Bay Territory, less than 60 km NW from Stornoway Diamonds Corp.’s Renard mine.

The Trieste property, owned 100% by Stelmine, consists of 48 continuous claims forming an area of 24 km2. The staking of this grassroot property conforms to Stelmine strategy of holding gold-prospective volcanosedimentary terrains located near the periphery and/or on the contact of the Opinaca metasedimentary basin and the La Grande subprovince at the eastern extremity of the basin.

Over the last decade, several mining companies  applied with success their exploration in the western portion of the James Bay Territory  near the contact of the Opinaca and La Grande subprovinces  (ex : Éléonore Mine, Zone 25, La Grande-Sud). Now, mining companies such as Midland Exploration, Altius Minerals and Strategic Metals are extending their exploration toward the eastern segment of the James Bay Territory perceiving the tremendous potential of the La Grande/Opinaca structural contact and at the same time validating Stelmine’s exploration strategy. The latter is based on the presence of: 1) major km-long faults/deformation zones near the periphery and/or contact of the Opinaca metasedimentary subprovince, 2) highly metamorphosed assemblage of sedimentary rocks and, 3) the occurrence of nearby volcanic formations. By applying these criteria, Stelmine has now acquired six mining properties totaling 754 claims (383 km2), including the Trieste property.

The Trieste mining property consists of metavolcanic (amphibolites, basalts and intermediate volcanic rocks) and metasedimentary rocks (metatexites and diatexites) defining the Solomon Formation. The volcanosedimentary assemblages form a greenstone belt in structural contact with paragneiss, diatexites and metatexites of the Laguiche Complex (Opinaca Basin) and biotite-hornblende granodiorite±tonalites. Stelmine intends to conduct an airborne magnetic survey to define new exploration targets.

Commenting on the acquisition of the Trieste property, Isabelle Proulx, president of Stelmine declared: “The geological and structural context of the Trieste property corresponds in every respect to the Company’s objective to develop the gold potential of the vast unexplored terrain of the eastern James Bay Territory. As such, Stelmine acts as a leader by investing in mining exploration in Quebec’s Far North”.

The technical content of this release was prepared and approved by Michel Boily, PhD, geo; a Qualified Person (QP) as defined by National Instrument 43-101.

Source: http://www.stelmine.com/

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